Hello quino1974, thanks for your input. In a December 2012 report, the CFPB highlighted the fact that the “e-OSCAR” system did not provide a means for credit reporting companies to forward to furnishers any documents submitted by consumers. “Since then, the CFPB has been working to ensure that the dispute system was improved. The “e-OSCAR” system has been upgraded so that the three companies can now send furnishers any relevant dispute documents mailed in by consumers” (see CFPB bulletin announcement.) Since CFPB is asking what new federal rules they could propose on how creditors and debt collectors can act to get consumers to pay overdue debts, what sort of checks and balances do you suggest for e-OSCAR?
So are you saying the CEO of the company who's dialer keeps calling should face criminal charges ? I don't think that is the solution, I hear there isn't room in the jails to put all the bill collectors.
A lot of the multiple calls problems come from an dialer calling, if it doesn't get an answer it will call back later.
E-Oscar was created by the credit reporting agencies due to a requirement that is outlined in the Fair Credit Reporting Act. This process is fully electronic save for the consumer's ability to upload paper correspondence or documents for the debt collector/creditor to review. Additionally, the CFPB has published clarification as to the requirements surrounding a "reasonable investigation" when a dispute is issued, requiring debt collectors/creditors to go one step further. The underlying issue is this system is abused by many individuals who mass submit disputes repeatedly that have no validity. Agencies and creditors are forced to sift through all of those frivolous disputes in order to actually address legitimate disputes.
I agree. However, I believe that having a universal or national statute of limitations would alleviate this problem. The current system is too confusing.
Moderator
1
Hello quino1974, thanks for your input. In a December 2012 report, the CFPB highlighted the fact that the “e-OSCAR” system did not provide a means for credit reporting companies to forward to furnishers any documents submitted by consumers. “Since then, the CFPB has been working to ensure that the dispute system was improved. The “e-OSCAR” system has been upgraded so that the three companies can now send furnishers any relevant dispute documents mailed in by consumers” (see CFPB bulletin announcement.) Since CFPB is asking what new federal rules they could propose on how creditors and debt collectors can act to get consumers to pay overdue debts, what sort of checks and balances do you suggest for e-OSCAR?
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R N
2
So are you saying the CEO of the company who's dialer keeps calling should face criminal charges ? I don't think that is the solution, I hear there isn't room in the jails to put all the bill collectors. A lot of the multiple calls problems come from an dialer calling, if it doesn't get an answer it will call back later.
View this comment in the discussion thread
quino1974
3
Thanks for the endorsement.
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quino1974
4
Thanks for the endorsement.
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DLin
5
E-Oscar was created by the credit reporting agencies due to a requirement that is outlined in the Fair Credit Reporting Act. This process is fully electronic save for the consumer's ability to upload paper correspondence or documents for the debt collector/creditor to review. Additionally, the CFPB has published clarification as to the requirements surrounding a "reasonable investigation" when a dispute is issued, requiring debt collectors/creditors to go one step further. The underlying issue is this system is abused by many individuals who mass submit disputes repeatedly that have no validity. Agencies and creditors are forced to sift through all of those frivolous disputes in order to actually address legitimate disputes.
View this comment in the discussion thread
Esok
6
I agree. However, I believe that having a universal or national statute of limitations would alleviate this problem. The current system is too confusing.
View this comment in the discussion thread